There’s a reason why this most basic form of bank account is called a “savings” account. That’s because one of the best things you can do to help build your savings, is to keep your savings separate from your main daily banking account. With the growth of digital payments, and with access to your money just a tap away, it’s all too easy to spend more than you intend if you’re not careful. By keeping your savings in a separate and dedicated account, it’s less likely that you’ll use your savings for unintended purposes.

You can use a savings account to set up automatic contributions as part of a “pay yourself first” savings strategy. You can even set up pre-authorized transfers from your other bank accounts to your savings account. It’s an easy way to build your savings, as once you’ve set it up, there’s no more work for you to do.

With a savings account, there are no restrictions on when you can access your cash. You do not have to maintain a minimum balance in order to qualify for the advertised rate of interest.*

One of the most critical requirements of any emergency fund is actually being able to access your fund in the event of an emergency! You never know exactly when you might need this money, so it’s critical that you can withdraw your funds at any time, and with little notice. That’s why a savings account is the ideal place to keep an emergency fund.